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WorksheetsCM Un2Wk3 - Online Banking & Safety
Total questions: 15
Worksheet time: 31mins
Which of the following is an effective strategy for personal saving?
Wait until the end of the month and save whatever is left in your checking account
Cover all of your wants and needs and save whatever is left over
Take out a payday loan so you can save before you receive your paycheck
Save a certain percentage of each paycheck and deposit it directly into a savings account
None of these are good strategies
50% of your paycheck
Needs: Bills, insurance, rent, food
30% of your paycheck
Wants: new clothes, video games, Spotify
20% of your paycheck
Savings: Emergency fund
Which of the following statements is TRUE?
The majority of Americans have an adequate emergency fund
The majority of Americans have sufficient amounts of money saved for retirement
The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement
The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement
None of these statements are true
You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?
What might be the benefit of setting up a recurring payment through online bill pay?
AND
What is a drawback to having a recurring payment for online bills?
Which pieces of information will you need to provide to your employer to set up direct deposit?
Check all that apply.
Your bank’s name
your bank account number
your pet's name
your bank account’s routing number.
none of these
Which of the following is an example of online bill pay?
Having your check direct deposited into your bank account
Having your bank send your rent to the landlord each month
Using a mobile payment service to purchase your groceries at a store
Using a person-to-person app to repay your friend for dinner
None of these
All of the following are ways that you can keep your online bank account safe EXCEPT…
Banking with small banks and credit unions because they are less frequently the target of fraud
Changing your password regularly using reasonably complex passwords
Turning on text alerts to monitor your account for large or potentially fraudulent transactions
Only using private wifi to access your account
None of these
Write two things you learned doing the Bank Simulation exercise on Wednesday.
Which of the following is NOT a recommended practice for securing your online bank account?
Sharing your password with trusted family members
Using two-factor authentication
Regularly updating your password
Monitoring your account for suspicious activity
None of these
What is an example of a person-to-person payment app?
Using your bank's website to pay your electricity bill
Having your salary direct deposited into your bank account
Using an app like Venmo to split the dinner bill with your friends
Paying for groceries at a store using a credit card
None of these
Which of the following is a good financial habit?
Spending more than you earn
Not keeping track of your expenses
Saving a portion of your income regularly
Ignoring your debts
None of these are good habits
Which of the following is not considered an online payment?
Using a mobile app to pay for your coffee
Transferring money to a friend using a banking app
Paying your bills through your bank's website
Paying with cash at a physical store
None of these
Even though I may use online banking to keep track of my balance, it is still good to check the monthly statement because (select all):
Verify withdrawals
Verify deposits
Ensure there are no bank fees
Learn about upcoming account changes
Learn about all bank products
What is one thing you can do if your account gets hacked?
never go online again
change your password
move to another city
report it to the police
none of these will work
